$GEV and $VRT: customers are prepaying faster than revenue grows

Customers of $GEV and $VRT are paying up front faster than revenue grows. Contract liabilities (cash paid for gear not yet delivered) hit 104% of a year's revenue at $GEV, from 54% a year ago, and 32% at $VRT, from 13%. Prepayment growth slowed in Q3, though: +14% q/q at $GEV after +25%, +13% at $VRT after +44%. $GEV's figure includes turbine progress payments, so compare trends, not levels.

Next check: $GEV Q4 report (late January 2027, est.) and $VRT Q4 report (mid-February 2027, est.)

Method and sources

Figures marked "our calc" are our own arithmetic on the cited primary sources (company filings, earnings releases, public datasets). Every figure was checked against its source before publication.

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General research, the same for every reader. Not investment advice.